The Nitrocellulose Market Size was valued at USD 0.89 Billion in 2022 and is projected to grow from USD 0.90 Billion in 2023 to USD 1.39 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.5% during the forecast period (2023 - 2030). Nitrocellulose, also called cellulose nitrate, is a pulp-like substance formed by exposing cellulose to a nitrating agent, particularly nitric acid. It is a flammable compound that is used in gunpowder, paints, and lacquers. Nitrocellulose is also used in plastic films, wood coatings, and inks due to the properties it imparts such as durability, adhesion, high solubility, and faster drying. The demand for nitrocellulose is expected to grow due to its several applications ranging from explosives to plastic films, therefore growing the nitrocellulose market.
  
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Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Nitrocellulose-based paints find applications in the automotive paint industry as well. These paints possess several favorable qualities, such as quick drying ability and compatibility with a wide range of additives. However, with time, there have been numerous substitutes for nitrocellulose-based paints with properties that are superior to the above-mentioned ones. Nitrocellulose-based paints are one of the oldest types of paints used as automotive paints. These paints have lost their market share over the years due to the availability of superior substitutes. Nitrocellulose lacquer is thin, easy to apply, and provides a glossy finish.
Additionally, there are certain drawbacks as well, such as low resistance to scratches & pollution, low operational life, as well as the emission of large quantities of organic solvents into the atmosphere. The COVID-19 pandemic severely affected the market demand from various end-use industries, such as automotive paints, printing inks, and wood coatings, due to the impact of the nationwide lockdowns and shutting down of manufacturing units. The pandemic had affected the automotive industry, due to which, the production of automobiles had disruptively halted. This further contributed to the decline in the automotive sector, which affected the demand for nitrocellulose used in automotive paints.
The Nitrocellulose Market segmentation, based on Application, includes Automotive Paints, Wood Coatings, and Printing Inks. The printing ink application segment dominated the global industry in 2022 and accounted for the highest revenue share of more than 27.85% of the total revenue. Its high share is attributed to technological development and the rise in demand for eco-friendly inks. The printing ink market is both an application and customer-specific based business. Its major applications are in the packaging and logistics industry. It also has a high demand for digital inks, outdoor signage, and inkjet printing. Rising concerns for the environment are influencing the government authorities to modernize the standard of the printing industry. The use of nitrocellulose-based lamination ink in flexography and gravure printing gives high-quality and strong color paint results. These lamination-based inks are trending in the packaging industry because of their high laminated bond strength, no odor, and little solvent retention. Â
Figure 2: Nitrocellulose Market, by Application, 2023 & 2030 (USD Billion)
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Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific occupies the major share of the Nitrocellulose Market. The rising construction activities in developing countries are growing the demand for wood coatings. Additionally, the high demand for nitrocellulose for leather finishing is also growing in the nitrocellulose market.
Figure 3: NITROCELLULOSE MARKET SHARE BY REGION 2023 (%)
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Source: Secondary Research, Primary Research, MRFR Database, and Analyst ReviewÂ
In Europe, the demand for nitrocellulose is increasing due to the growing consumption of automotive paints due to the presence of major automobile manufacturers. North America has witnessed high demand for nitrocellulose due to growth in the furniture industry for coating wood. In Latin America and the Middle East & Africa, the growth in the nitrocellulose market is primarily because of the high demand for inks.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Nitrocellulose market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Nitrocellulose industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Nitrocellulose. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Nitrocellulose industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Nitrocellulose industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Nitrocellulose market players, including Nitro Quimica, Dupont Specialty Solutions, Hagedorn AG, Nitro Cellulose Group, and others, are attempting to increase market demand by funding R&D initiatives.
DuPont Specialty Products USA is a company providing technology-based materials and ingredients. It focuses on electronics, transportation, building and construction, health and wellness, and food and worker safety markets.
Also,
EURENCO is a company specializing in the chemical synthesis and transformation of energetic molecules for the defense and commercial markets. The company develops, manufactures, and provides military explosives, explosives for oil and gas perforation and mining, propellants, combustible items, nitrocellulose, and diesel fuel additives. Its explosive filling and propelling charge solutions are customized for warheads and missiles,
Nitro Quimica is launching its new product and developing its brand structure. The company is expanding its products and services. in varnishes and new products, initiatives are expected to rise the overall supply rate of this market. Also, the company is allocating 2% of the investments for this product development.
Nippon paint is partnering with a nitrcellouse company. This partnership is expected to promote wood coatings products. This development in the Asia Pacific region is expected to create new opportunities.
Nitrocellulose Application Outlook
Nitrocellulose Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD Â 0.89 Billion |
| Market Size 2023 | USD 0.90 Billion |
| Market Size 2030 | USD 1.39 Billion |
| Compound Annual Growth Rate (CAGR) | 5.5% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Atomax Chemicals Co., Ltd., Nitro Quimica, Hubei Xuefei Chemical, Hengshui Orient Chemical Co., Ltd., Nobel NC, IVM Chemicals, Synthesia, Nantong Tailida Chemical Co., Ltd., and Nitro Chemical Industry Co., Ltd. |
| Key Market Opportunities | ·        Excellent adhesion ·        Superior drying properties ·        High solubility. |
| Key Market Dynamics | · Better adhesion  Non-reactivity to other paints. |
Frequently Asked Questions (FAQ) :
The Nitrocellulose Market size was valued at USD 0.89 Billion in 2022.
The global market is projected to grow at a CAGR of 5.5% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Nitrocellulose Market.
The key players in the market are Atomax Chemicals Co., Ltd., Nitro Quimica, Hubei Xuefei Chemical, Hengshui Orient Chemical Co., Ltd., Nobel NC, IVM Chemicals, Synthesia, Nantong Tailida Chemical Co., Ltd., and Nitro Chemical Industry Co., Ltd.
The printing ink categories dominated the market in 2023.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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